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PNB Fraud Case: General Manager rank officer Rajesh Jindal arrested

Jindal, who was the Branch Head at PNB Brady House branch, Mumbai, during August 2009 to May 2011, started the practice of issuing the letters of understandings (LoUs) without sanctioned limits to Nirav Modi Group firms.

Jindal, who was the Branch Head at PNB Brady House branch, Mumbai, during August 2009 to May 2011, started the practice of issuing the letters of understandings (LoUs) without sanctioned limits to Nirav Modi Group firms.

The CBI took Jindal into custody first, and later after questioning, arrested him.

An LoU is a guarantee which is given by the bank issuing it to the Indian banks having branches abroad to grant a short-term credit to the applicant. In case of any default, the bank which has issued the LoU is liable to pay the credit giving bank, along with the imposed interest.